IOOF Holdings Limited
(ASX:IFL) has had its offer for HUB24 rejected. IOOF had offered $2.74 per share in an indicative, non-binding proposal for 100 per cent of the listed financial services company.
The deal makes good sense for IOOF which could make use of the licensing solution and the HUB24 platform.
The HUB24 board considers the proposal as inadequate and will take no further action regarding the offer.
It’s believed the board is seeking upwards of $3 for the platform provider.
IOOF reported a net profit of $140.5 million for the 2015 financial year.
